On Thursday morning, Freddie Mac reported 4.22 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, down from 4.32 percent last week. After hitting a yearly high of 4.58 percent in August, this is the third week in a row that rates have fallen.

Historically, this is still quite low for interest rates, but rates have risen a fair amount since 12 months ago. A year ago, they were setting new record lows at 3.36 percent.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.